Ghana’s Artisanal Gold Purchases Hit 54 Tons, Set for New Record
Ghana’s Gold Board purchased up to 54 metric tons of gold from artisanal and small-scale miners in the first half of 2026. The sector is on track to match or exceed last year’s historic production. Gold Board Chief Executive Officer Samuel Gyamfi announced on Tuesday that the West African country’s small-scale sector remains highly productive. At this pace, full-year output should comfortably rival the record 104 tons established in 2025. The sustained production volume is helping secure vital foreign exchange inflows. The state’s balance sheet is strengthening as the West African nation emerges from its worst financial crisis in decades. Last year marked a massive shift when small-scale mining output officially overtook multinational industrial output. Artisanal operations generated $11 billion in forex earnings, compared to $9 billion from large-scale mining. These gains stem from formalization policies designed to reduce smuggling. The Gold Board relies on a structured, licensed buyer network to draw small-scale gold into official state reserves. While recent global gold price declines have slightly compressed earnings expectations, total export values remain high. Average bullion prices sit above 2025 baselines, neutralizing the impact of the correction. Further policy adjustments are underway to maximize the state’s bullion holdings. The government initiated a mandatory requirement on July 1 forcing large-scale miners to sell 30% of their output to the state.
Zimbabwe State Miner Secures Funding to Double Gold Output to 220,000 Ounces by 2029
Zimbabwe’s state-owned Mutapa Gold Resources plans to double its annual output to 220,000 ounces by 2029 after securing crucial funding for a multi-asset expansion project, official production reports revealed Friday. The state-backed miner has raised $75 million from local Zimbabwean commercial banks to fund the first phase of the expansion, while active negotiations continue with international lenders for an identical $75 million tranche. Capital from the initial $150 million funding package will primarily target the Shamva Hill open-pit project, driving its standalone annual gold production from 24,000 ounces to nearly 80,000 ounces starting August 2026. The aggressive expansion follows a 10% year-on-year drop in Mutapa’s output to 104,626 ounces for the fiscal year ending March 31, a decline management attributed to depleting surface ore grades. Remaining resources will optimize recovery plants at the flagship Freda Rebecca mine, expand capacity at Jena Mine in late 2026, and integrate registered small-scale artisanal mining output into state supply lines. This state-level scaling aligns with a broader national push to generate foreign exchange liquidity. Gold remains Zimbabwe’s primary economic anchor, accounting for 47.5% of total national export earnings in 2025. Surging global bullion prices boosted Zimbabwe’s first-quarter gold export revenue to $1.19 billion, nearly doubling the $579 million recorded during the same period last year, according to central bank data. Mutapa’s infrastructure upgrade underpins a national target to lift total gold production to a record 50 metric tons, up from the 46.7 tons registered during the previous calendar year.
